Maryland Real Estate Inventory Drops Again
For nearly two years, the number of homes actively on the market has decreased in year to year same month comparisons.
Based on supply and demand, fewer available homes has led to an increase in prices.
The price increase has been exacerbated by more buyers entering the market.
Fewer available homes and more buyers tends to push prices higher.
This upward push on prices has been happening, in spite of a downward pressure created by higher interest rates and relatively stagnant wages.
Mortgage interest rates were at about 3.5% in mid, 2016, whereas they are at about 4.75% as mid, 2018 approaches.
This increase in mortgage interest rates has led to the principal and interest portion of monthly mortgage payments increasing by about 16%.
Here are the numbers for April 2017 versus April 2018 for Maryland, Baltimore County, Baltimore City, and Harford County:
Maryland:
Inventory:
2017: 22,672
2018: 20,298 (-10.5%)
Average Price:
2017: $328,242
2018: $338,487 (3.1%)
Median Price:
2017: $284,715
2018: $295,752 (3.9%)
Baltimore County:
Inventory:
2017: 2,499
2018: 2,079 (-16.8%)
Average Price:
2017: $272,227
2018: $275,317 (1.1%)
Median Price:
2017: $234,000
2018: $235,000 (0.4%)
Baltimore City
Inventory:
2017: 2,789
2018: 2,832 (1.5%)
Average Price:
2017: $171,215
2018: $180,622 (5.5%)
Median Price:
2017: $140,000
2018: $139,900 (-0.1%)
Harford County
Inventory:
2017: 971
2018: 703 (-27.6)
Average Price:
2017: $278,009
2018: $267,414 (-3.8)
Median Price:
2017: $250,000
2018: $245,500 (-1.8)
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